Amanath Bank Case: Every penny of the depositors should be returned, says judge

Bengaluru: A single bench by Justice Nazir adjourned the Ama­nath Co-operative Bank trial on Thursday after the strong argument on the recovery of the depositors’ fund.

Bench also asked for meeting all the depositors before confirming on the conversion of the deposits to the share capital and recover the loss.

Every penny of the depositors should be returned, said the judge.

Rahmatullah Kotwal, Amanath Bank’s defense counsel, told Nasheman.in that 32 crores of the depositors’ money will be converted to share capital. He also said that if former Union Minister C.K. Jaffer Sharief, as part of his attempt to revive the loss-making bank, deposit Rs. 75 crore as share capital, then he will have the liberty to choose his own set of directors.